Recent News & Developments: Mahindra & Mahindra Ltd

1. Corporate Actions

No significant corporate actions reported in the last quarter.

2. Mergers and Acquisitions

• Approval of a Scheme of Merger by Absorption of Mahindra Heavy Engines Limited, Mahindra Two Wheelers Limited, and Trringo.com Limited with Mahindra & Mahindra Ltd.
• Acquisition of 26% stake in Gelos Solren Private Limited, a renewable energy company.

3. Dividends and Dividend Policy

Declared a dividend of Rs. 21.10 per share for FY 2023-24, reflecting a 30% increase from the previous year.

4. Share Buybacks

No share buybacks reported.

5. Capital Raising Activities

No capital raising activities reported in the last quarter.

6. Changes in Shareholding Patterns

No significant changes in shareholding patterns reported.

7. Product Launches

• Launch of XUV 3XO Compact SUV with starting prices at Rs. 7.49 lakh.
• 50,000 bookings for XUV 3XO were recorded within 60 minutes of opening bookings.

8. Market Reception and Impact

XUV 3XO received positive market reception, with over 10,000 vehicles already produced following strong booking figures.

9. Research and Development Initiatives

• Mahindra & Mahindra received a record 674 patents in FY24, marking a 380% increase from FY23.

10. Future Product Pipeline

• Plan to launch eight new electric vehicles (EVs) by 2027.

11. Strategic Changes

11.1 Changes in Business Strategy

• Increased focus on expanding the electric vehicle segment.
• Investments in renewable energy through the acquisition of stakes in companies like Gelos Solren Private Limited.

11.2 Expansion into New Markets or Segments

Investment of ₹12,000 crores in Mahindra Electric Automobile Limited to fund EV projects over the next three years.

11.3 Strategic Partnerships and Alliances

No new strategic partnerships or alliances were reported.

11.4 Organisational Restructuring

No significant organizational restructuring reported.

12. Other Notable News

Incorporation of new wholly-owned subsidiaries Neon Hybren Private Limited, Orion Hybren Private Limited, Pulse Hybren Private Limited, and Quest Hybren Private Limited.

13. Regulatory Updates

• Received a penalty from Punjab Pollution Control Board for non-compliance, along with penalties under the Central Goods and Services Tax Act, 2017, for several years.

14. Legal Proceedings

• The Income Tax Department filed an appeal related to Assessment Year 1989-90, with an expected financial impact of Rs. 3.5 crores.

15. Industry Developments Affecting Mahindra & Mahindra

No specific industry developments were highlighted that directly affected Mahindra & Mahindra in the last quarter.